US BANCORP \DE\ — Director's Dealing 2011

Mar 4, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2011-03-02

Reporting Person: DAVIS RICHARD K (Director, Chairman, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-02	Common Stock, $0.01 par value	M	21573.0000	$0.0000	Acquired	265865.0808	Direct
2011-03-02	Common Stock, $0.01 par value	F	9212.0000	$27.1900	Disposed	256653.0808	Direct
2011-03-02	Common Stock, $0.01 par value	G	40373.0000	$0.0000	Disposed	216280.0808	Direct
2011-03-02	Common Stock, $0.01 par value	G	40373.0000	$0.0000	Acquired	95051.0000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-02	Restricted Stock Units	$	M	21573.0000	Disposed		Common Stock, $0.01 par value (21573.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	13915.9481	Indirect

Footnotes

F1: Based on a plan report dated February 28, 2011, the most recent plan report available.

F2: Restricted stock units convert into common stock on a one-for-one basis at the time of vesting.

F3: The restricted stock units vest in four equal annual installments beginning on March 2, 2010.